APRP CORE EXAMS SET ACTUAL TEST PAPER WITH COMPLETE
ANSWERS
✔✔Cardholder - ✔✔A person or entity that is issued a credit or debit account that is
accessed through the use of a card
✔✔Acquirer/Processor (Merchant Bank or Merchant Processor) - ✔✔The financial
institution that contracts with a merchant to initiate payment requests to a card
association or company in the context of credit and debit card payments.
✔✔Card Issuer - ✔✔An entity that issues a credit or debit card to the cardholder
✔✔Third -Party Sender - ✔✔A third party that provides ACH services to the Originator,
and, in that capacity, acts as an intermediary between the Originator and ODFI
✔✔Third-Party Service Provider - ✔✔A third party that processes ACH files and/or
entries on behalf of financial institutions and/or Originators
✔✔ACH Operator - ✔✔The central clearing facility for ACH transactions
✔✔Receiving Depository Financial Institution (RDFI) - ✔✔A financial institution that
receives ACH entries from ACH Operator and post entries to accounts of its depositors.
✔✔Originating Depository Financial Institution (ODFI) - ✔✔A financial institution that
receives payment instructions from Originators and forwards the entry to the ACH
Operator.
✔✔Receiver - ✔✔an individual or company that has authorized an Originator to initiate
an ACH entry to their account with the RDFI.
✔✔Originator - ✔✔A company or individual that has been authorized by the Receiver to
initiate either a credit or debit ACH entry to their account
✔✔Blockchain - ✔✔Uses algorithms to enable transactions to be aggregated in blocks,
which are added to a chain of existing blocks using a cryptographic signature.
✔✔Distributed Ledger Technology (DLT) - ✔✔A type of database that is consensually
shared and synchronized across nodes in a network spread across multiple sides,
institutions or geographies.
✔✔International Organization for Standardization (ISO) - ✔✔An international standard-
setting body composed of representatives from various national standards
organizations.
, ✔✔Value-added network (VAN) - ✔✔A hosted service offering that acts as an
intermediary between business partners to transmit data (business documents).
✔✔Electronic Data Interchange (EDI) - ✔✔the computer-to-computer exchange of
business documents and payment related information in standard electronic format
between business partners.
✔✔Credit Analysis - ✔✔Method used to calculate the creditworthiness of an individual
or business.
✔✔Procedures - ✔✔Defines the manner in which an organization will proceed, perform
or affect something to accomplish the objectives of a policy.
✔✔Policy - ✔✔Defines the course of action adopted for the sake of expediency and
facilitation of objectives.
✔✔Shareholders - ✔✔Group of individuals that may elect directors of an organization,
including CEO and CFO, and benefit through dividends nor share buybacks.
✔✔Senior Management Team(Executive Management, Management Team) -
✔✔Group of individuals at the highest-level of management of an organization who
have the day to day tasks of managing the organization.
✔✔CEO (Chief Executive Officer) - ✔✔The highest-ranking executive in an organization
responsible for making major corporate decisions, managing overall operations and
resources, and acting as a main point of communication with the Board.
✔✔Board of Directors - ✔✔A group of individuals that are elected as, or elected to act
as, representatives of the stockholders to establish corporate management-related
policies.
✔✔risk assignment - ✔✔Form of risk sharing that allocates risk equitably.
✔✔Risk Sharing - ✔✔Form of risk treatment involving an agreed-upon distribution of
risk with other parties.
✔✔Risk Avoidance - ✔✔Informed decision to withdraw from or not become involved
with an activity to avoid exposure to unwanted or unacceptable risks.
✔✔Risk Acceptance with treatment - ✔✔Risks that are monitored and reviewed to
ensure they remain within the risk appetite.
✔✔Risk Acceptance without treatment - ✔✔Risk is accepted as tolerable and falls
within the risk appetite.
ANSWERS
✔✔Cardholder - ✔✔A person or entity that is issued a credit or debit account that is
accessed through the use of a card
✔✔Acquirer/Processor (Merchant Bank or Merchant Processor) - ✔✔The financial
institution that contracts with a merchant to initiate payment requests to a card
association or company in the context of credit and debit card payments.
✔✔Card Issuer - ✔✔An entity that issues a credit or debit card to the cardholder
✔✔Third -Party Sender - ✔✔A third party that provides ACH services to the Originator,
and, in that capacity, acts as an intermediary between the Originator and ODFI
✔✔Third-Party Service Provider - ✔✔A third party that processes ACH files and/or
entries on behalf of financial institutions and/or Originators
✔✔ACH Operator - ✔✔The central clearing facility for ACH transactions
✔✔Receiving Depository Financial Institution (RDFI) - ✔✔A financial institution that
receives ACH entries from ACH Operator and post entries to accounts of its depositors.
✔✔Originating Depository Financial Institution (ODFI) - ✔✔A financial institution that
receives payment instructions from Originators and forwards the entry to the ACH
Operator.
✔✔Receiver - ✔✔an individual or company that has authorized an Originator to initiate
an ACH entry to their account with the RDFI.
✔✔Originator - ✔✔A company or individual that has been authorized by the Receiver to
initiate either a credit or debit ACH entry to their account
✔✔Blockchain - ✔✔Uses algorithms to enable transactions to be aggregated in blocks,
which are added to a chain of existing blocks using a cryptographic signature.
✔✔Distributed Ledger Technology (DLT) - ✔✔A type of database that is consensually
shared and synchronized across nodes in a network spread across multiple sides,
institutions or geographies.
✔✔International Organization for Standardization (ISO) - ✔✔An international standard-
setting body composed of representatives from various national standards
organizations.
, ✔✔Value-added network (VAN) - ✔✔A hosted service offering that acts as an
intermediary between business partners to transmit data (business documents).
✔✔Electronic Data Interchange (EDI) - ✔✔the computer-to-computer exchange of
business documents and payment related information in standard electronic format
between business partners.
✔✔Credit Analysis - ✔✔Method used to calculate the creditworthiness of an individual
or business.
✔✔Procedures - ✔✔Defines the manner in which an organization will proceed, perform
or affect something to accomplish the objectives of a policy.
✔✔Policy - ✔✔Defines the course of action adopted for the sake of expediency and
facilitation of objectives.
✔✔Shareholders - ✔✔Group of individuals that may elect directors of an organization,
including CEO and CFO, and benefit through dividends nor share buybacks.
✔✔Senior Management Team(Executive Management, Management Team) -
✔✔Group of individuals at the highest-level of management of an organization who
have the day to day tasks of managing the organization.
✔✔CEO (Chief Executive Officer) - ✔✔The highest-ranking executive in an organization
responsible for making major corporate decisions, managing overall operations and
resources, and acting as a main point of communication with the Board.
✔✔Board of Directors - ✔✔A group of individuals that are elected as, or elected to act
as, representatives of the stockholders to establish corporate management-related
policies.
✔✔risk assignment - ✔✔Form of risk sharing that allocates risk equitably.
✔✔Risk Sharing - ✔✔Form of risk treatment involving an agreed-upon distribution of
risk with other parties.
✔✔Risk Avoidance - ✔✔Informed decision to withdraw from or not become involved
with an activity to avoid exposure to unwanted or unacceptable risks.
✔✔Risk Acceptance with treatment - ✔✔Risks that are monitored and reviewed to
ensure they remain within the risk appetite.
✔✔Risk Acceptance without treatment - ✔✔Risk is accepted as tolerable and falls
within the risk appetite.
